Crypto transactions generally are more efficient compared to wire transfer
Crypto vs Visa: transactions’ speed compared. Source: shutterstock.com
According to LearnBonds, bank wires usually take up to 5 days for cross-border transactions and 24 hours for domestic ones. Although, wire transfers can still be distracted by delays caused by holidays or weekends.
The Bitcoin network is functioning no matter the day. Since its inception in 2009, the network has been running 99.98% of the time. Among other cryptocurrencies, Ripple’s XRP had the lowest transaction time on the blockchain with an average of about 0.038 seconds.
Data reveals that Ripple seeks to make XRP a mediator for cryptocurrencies and fiat exchanges. The platform aims to replace the traditional costly and time-consuming cross-border money transfers. XRP now processes 50,000 transactions per second compared to VISA’s 24,000 transactions per second.
At the same time, Bitcoin and Bitcoin SV execute 5 transactions per second, being 4800 times lower than VISA’s 24, 000. Ethereum records lower transactions per second at 15 in comparison to Visa as well.
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